The Global Salicylic Acid Market was valued US$ 420 Mn in 2020 is expected to reach US$ 635.7 Mn by 2027, with a growing CAGR of 6.1% during the forecast period (2021-2027).
Salicylic acid has a huge application is pharmaceuticals and cosmetic industry. Salicylic acid is believed to have anti-inflammatory activity, enhances the moisture in the skin and provide nourishment to the cells of the skin. Salicylic acid is widely used in hair care and skin care formulations. Increase in usage of salicylic acid in cosmetics and pharmaceutical industry and rising awareness among consumers are some of the factors that drives the growth of salicylic acid market during the forecast period.
Further, increase in incidence of diseases like cardiovascular, rise in innovative products in hair and skin care formulations and increase in number of players in cosmetic industry accelerate the growth of salicylic acid market. Use of salicylic acid in food preservatives to enhance its shelf-life and storage also contribute in the growth of market. Moreover, growing demand for use of aspirin in the treatment of dementia and strokes, is believed to create growth opportunities for salicylic acid during the forecast period 2021-2027.
Based on application, pharmaceutical segment accounted for the highest market share in 2020 and is expected to increase during the forecast period.
On the basis of applications, salicylic acid market is segmented into pharmaceutical products, cosmetic, food preservatives, and others. Amongst them, pharmaceutical segment is expected to have the highest market share during the forecast period. Salicylic acid is one of the key ingredients used in different formulations such as pain killers. Salicylic acid is widely used in preparation of aspirin-based medicines, this gives rise to the growth of salicylic acid market in this segment. Moreover, salicylic acid is widely used in skincare products and hair care products like in serums, ointments, creams, sunscreen products etc. This pulls the growth of market in this segment.
Based on geographical region, Europe region held a market share of more than 35% in the year 2020 and is anticipated to rise more during the forecast period.
Based on region, Europe dominated the market in 2020 and it is expected to continue to maintain the lead during the forecast period. U.K, Germany, France, Italy and Spain contribute to the growth of market in this segment. Major key players are located in this region which drives the growth of market which includes Novacap, J.M Loveridge Ltd., and Alfa Aesar GmbH & Co KG. They offer huge varieties of salicylic acid-based products for industrial as well as personal applications. The market in this region is expected to grow during forecast period due to increase in number of new innovative product launch and acquisitions with the companies.
The key players operating in the market are:
The report also provides in-depth analysis of salicylic acid dynamics such as drivers, restraints opportunities and challenges
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. Covid-19 outbreak has disrupted entire production and manufacturing activities due to shortage of supply of raw materials and resources. This is due to restriction on transportation facilities and lockdown of industries across the globe. Pandemic has seriously impacted the manufacturing and research & development companies due to less availability of investors in research and innovation process. Less availability of human power and disrupted supply chain has been affected due to pandemic situation. However, companies are trying to develop alternative methods and techniques to pull up the production volume and by providing services or products at affordable prices, which would help to meet the need of customer at less cost and this will help to sustain in increased pharmaceutical care and personal care product penetration.
The report also provides in-depth analysis of key trends in salicylic acid market
The report also provides in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.